security interest

the rights of a creditor whose right to collect a debt is secured by property

lien

the right of a creditor to seize and liquidate the property of a debtor in default

pledge

a type of security interest in which the creditor takes possession of the collateral offered as security for a loan

quasi - security

the situation in which the debtor takes possession of the collateral but the creditor keeps ownership until the debt is fully paid

collateral

the object or asset offered as security for a loan

damages

money paid as compensation for harm

mortgagor

the owner of a home who offers it as collateral for a loan

complaint

the first document filed as part of a civil lawsuit

pleading

any document filed by the plaintiff or defendant with the court in a civil lawsuit

finding

a judge's decision on the facts of a case

ruling

a judge's decision on the law governing a case

holding

a judge's application of the law to the particular facts of a case. The holding is the only binding part of a decision

writ

any written order from a judge

injunction

an order (or writ) from a judge ordering a party not to do something or to stop doing something

remand

a decision by an appeals court sending the case back down to a lower court for reconsideration

appeal

when a party who has lost in a lower court brings the case to a higher court in hopes of changing the decision

real property

land plus any buildings on the land, as well as any fixtures such as plumbing or electricity attached to the land

heir

someone who obtains property or expects to obtain property through the will of another person

to inherit

to obtain property of a person who has died

Execute

to execute a contract is to sign it

Severability

a clause providing that if any part of the contract is invalidated, the rest will remain in effect

Acceleration

 a contractual clause allowing a creditor to demand pay-ment in full if the debtor is indefault or otherwise breaches the contract

Implied contract

a contract in which some essential element- usually offer or acceptance - is accomplished through behavior rather than words !lock for 2 separate words!)

Rescind

when a contract is rescinded, it is cancelled and both parties are placed back in the position they were in before the contract was executed

Force majeure

a contractual clause providing that no penalty applies if either party is unable to perform its obligations under the contract due to forces beyond its control, such as a snowstorm or war !lock for 2 separate words!J

Consideration

the reason a party enters into a contract - the thing the party hopes to get from the contract

Offer

the first step in contract formation, when one party approaches the other with the essential elements of the proposed deal

Recital

one of the first sections of a contract, often be inning with the word WHEREAS, in which each party's reason for entering t e contract and their consideration are clearly spelled cut